‘Your organisation is only as good as your employees’. And an inefficient recruitment system is a disaster to your company’s prosperity. Consequently, employee turnover will shoot up, and the company would be unable to approach scalability. In recruitment, collaborating with the best in business makes ample sense, especially in 2021 with the pandemic enforcing lightning-fast changes in business situations and their economic conditions. Hence, banking on RPO companies is significant for your company to flourish, detailed benefits are discussed below.
Reduces Employee Turnover Rate
A high employee turnover rate is a significant drain on a company’s resources, and can certainly prove to be a huge calamity for the company’s success. Interestingly, voluntary employee turnover accounts for almost 70% of all staff turnovers. And this high percentage has a lot to do with the ineffective recruitment process. Outsourcing your recruitment process ensures quality hires, and ultimately reduces your staff turnover rate.
Companies have witnessed a sharp fall in their overall cost-per-hire rate on partnering with an RPO to outsource their recruitment process. Recruitment is an extensive process and does involve quite a lot of processes. RPO companies shrink costs through specialised, efficient, and streamlined hiring processes. This also enables businesses to retain their quality hires for a longer period, which further brings the recruitment costs down. Research data shows that businesses saved over 20% on recruitment costs when partnered with an RPO company. In addition, companies could also track their recruitment costs better and enhance their overall budget effectively.
Outsourcing your recruitment process in 2021 equips your company with multiple advantages over your competition. It helps companies meet their scalability demands, quickly and productively. RPO companies speed up your hiring process by an incredible margin and give your brand an edge over competitors. Outsourced hiring helps brands deal with high demand when they grow rapidly.
Effective recruitment process
Most of the in-house recruitment processes revolve around traditional methods and approaches, that require bucket loads of time and effort, but still are ineffective in acquiring quality talent. RPO companies work on contemporary and streamlined recruitment models that are highly efficient and give effective results. Plus, with the pandemic imposing multiple constraints on the hiring decisions of businesses, the flexibility that an RPO offers in hiring has become extremely vital.
In this pandemic, leveraging modern technology for hiring is extremely crucial. The adaptations in technology that were anticipated to come almost a decade later, have come today. RPO companies utilise the latest and most efficient technologies that permit you to deal with the current Coronavirus norms. Most importantly, these RPOs have become proficient in hiring through virtual modes. Collaborating with such technologies also helps in bringing the time as well as cost down in hiring.
The coronavirus has made businesses either cut down on their recruitment or hire quickly for new positions. RPO companies design their recruitment models in such a way that meets the fluctuating hiring requirements. They offer the much-needed flexibility at this critical time. They provide effective recruitment solutions to both long-term as well as short-term company needs. Plus, these RPOs are quick in adapting to the latest technological advancements in the field of recruitment and shaping their processes with on-demand strategies. Furthermore, RPOs provide immense relief to companies during recession periods, as they can be ‘switched off’ effortlessly when companies decide to decline their recruitment.
Outsourcing the bulk of your hectic recruitment work will allow you to emphasise your core business goals. The RPO providers handle everything from posting jobs, sourcing candidates to formatting and validating CVs, reference chasing, security checks, and scheduling interviews.